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Waverley Pharmaceutical (A)

Subject

Entrepreneurship

Publication Year

1995

Abstract

"I'm running an undercapitalised company and it's just not possible any longer. We must do something about it,' said Howard Rose, Managing Director of Waverley Pharmaceutical. In early 1991, Rose and Bill Muddyman, Waverley's main financial backer and major shareholder, met to consider the company's future. Waverley had come a long way since its founding in 1987 as a start-up contract blow-fill-seal (BFS) pharmaceutical manufacturer based in Runcorn, England. During 1990 the company had made its first operating profit, and the company was now intending to build a new line of business based on the development of its own products. The new strategy would incur additional development expenses as well as require further investment in fixed assets and working capital. In addition, a £2.56 million long term loan provided by Muddyman was due to mature in just over a year, and Muddyman wanted to reduce his overall exposure to the business. Rose and Muddyman wondered what was the best way of putting the business on a sounder financial footing and how should they go about it.

Topic List

Entrepreneurship, Opportunity Assessment, Starting-Up, Financing, Growth, Failure

Industry

Pharmaceutical

Publication Event Date

1986-1991

LBS Case Number

CS-94-003-03

Location

UK

Project Funder

EU FP5

Publication Research Centre

Entrepreneurship

Supervisor

JOHNSON, R M

Available on ECCH

No


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